Not looked at GJ for a while. Price has came back from the underside of the previous uptrend that was broken. We have dropped a little in price but it seems to have held on the .681 fib level. i think if we break above this short downtrend and above the 50% fib then we could be back in business for a good bull. im currently in a buy personally as i got a fairly tight stop loss. But my ideal time to buy would be to break above one of the two mentioned levels or defo back above the previous strong uptrend before the virus hit us. GLIYF
GJ has been a little hard to read for me recently. Its in an area of either a pullback from the higher TF’s but also giving signs of a bull trend. Now recently we had a small bearish price action but as you can see the .618 Fib has held on multiple occasions. Seems to be a strong area of support. So if it holds then my thoughts are to a bull. But i think we have to wait and see on this one. Wait for the break up or down that will tell is the most pressure to buy or sell. The buy will give us more R:R as theres alot of room to move into. theres alot of traffic to the left going down and naturally GJ belongs in the 140’s+. wait and see for this one. GLIYF and RM as always
Looks like GJ has been ranging for a while now before its next major trend move. Since we last looked it was just under the trend and i was bullish , we got that movement to the top of the range, but since we have moved back down. But will this time be more powerful with the break and retest of the trend and also in conjunciton with the fib level too, will this be the catalyst for a nice push upwards? Lets wait and see, but ill be buying in the yellow circle area with a small stop. GLIYF
Well today im reporting on a stop loss hit. JPY has gained alot of strength recently and we see drops on jpy pairs across the board. Its possible i might of entered too early for my idea of a long trade. I will know what the true direction is over the next couple of days what happens to price round this area. i still think this is a retest and we could see some upwards movement from around this area, i just got in too early. Doesnt matter though as thats what risk management is for. We just move onto the next trade. ill be looking to buy still but i will wait for a confirmation of support first this time. Lesson learnt again. GLIYF and RM as always
Last time i got stopped out on GJ, but were back looking at the next option again. Looks like price is rising slowly into an ascending wedge shape. Id like it to move sideways and maybe gather demand at the support section to the right. Looking for the push up. Then the next major zone im looking at for buys is back above the longer trend on the .382 fib. Thats when i think we will see some more big bull movements. Maybe the UK getting through the pandemic and opening up the economy might give it that push. Look out for it GLIYF
Well in recent times we have seen GJ drop like a stone. i guess in my hopes i was looking for the bull to return, but the bear was too strong from the higher time frames. In these markets i dont sell at the bottoms i look for buying opportunities. So on to next wekk and what i will be looking for. We are approaching the imminent support level , albeit a small one but in conjunction with the .618 fib. Ill be looking for exhaustion in price around this level for a turning point to get in a buy. Or will we see it drop further to the strong demand level with the .786 fib level, or even still a great double bottom on the 124.000 price. time will tell, keep your eyes peeled this week. GLIYF
SL was hit on GJ but thats perfectly ok as thats why we practice risk management. I wont be entering again until i see a break above the resistance level of 136.00, then ill buy on the retest of that break above. Most other pairs have been quite quiet this week not much movement, GJ being the biggest mover that i watch. Looks like its respecting the trend line and creating a higher low so my bias is still bullish overall, the retracement was just deeper than expected. You could potentially buy from here and get a small stop loss but ill wait for some more momentum for anyone that follows. End of the week so no need to enter today anyway lets see if price is still following trend next week. Have a good weekend all
Im still bullish on GBPJPY . Ive hit stop loss twice on this pair in recent times. but again that’s ok because that is why we practice risk management. Ive got two trades ive lined up here. Obviously today is risky to enter because its friday and means holding over the weekend. So ive entered a smaller position to hold for the swing. The next position i will enter fully when we break back above the resistance of 135.79 and test that level with the Fib. That will be my 2nd trade. Were still in a bullish structure with higher highs and higher lows so i still believe in our old friend. Have a good weekend everyone. GLIYF (YNWA )
Hope everyone had a good week. Time for weekend reflection and check in on some setups. Back at GBPJPY price came very close to the stop loss area i had marked out. Trend is still holding which is a nice sign. hopefully we will see some bullish movement from this pair again soon. Im waiting for the second position entry for buys but if you went on the first one i would keep holding for now. if we break back above the .382 fib and hold then i will be buying and looking to make the new highs for a bull push. Once the uk economy and the virus slows down thats when we should see a strong push. GLIYF